Longhorn Publishers narrowed its net loss by 28.4% to KSh 148.6 million in the 6 months to December 2024 despite a near 50% drop in sales as customers spent less on textbooks.
- Revenue declined 46.9%, to KSh 278.8 million, owing to curriculum changes and delays in distributing government orders.
- Operating expenses decreased by 11.5% to KSh 155.9 million compared to the same period in 2023, which the publisher attributes to a leaner cost structure adopted in 2022.
- Finance costs went up 7.4% to KSh 105.7 million on account of increased borrowings in the high interest rates environment.
“However, various challenges to our business prevailed including delayed approval for revised titles by Kenya Institute of Curriculum Development, which covered the entire Pre-Primary 1 to Grade 9 books resulting in the reduced spending on books in the first half of the year as parents awaited the release of new textbooks,” Longhorn noted in the company’s financial statement.
According to the publisher, 301 schools are using its digital content, mobilizing 47,845 active subscribers. The online platform currently holds over 350 interactive books from various publishers, 3000+ videos, and simulation.
“We expect a stronger second half of the year to be boosted by revenues from the delayed government contracts across the region and private schools following the approval of all the new titles in January 2025,” Longhorn added.
The publisher, listed at the Nairobi Securities Exchange since 2012, currently trades at KSh 3.46 per share – up 35.7% since the beginning of 2025. It also operates in Uganda, Tanzania, Cameroon, Ghana, DRC, Rwanda, Zambia and Malawi.
